Shaftesbury has accelerated plans to redevelop two of its Carnaby sites to create an extra 27,000 sq ft of office space.
The REIT said it wanted to take advantage of the return of workers to London’s West End and with the imminent opening of Crossrail.
The first redevelopment, at 5-7 Carnaby Street, W1, will create 13,000 sq ft of new office space. The scheme takes the form of an extension and comprehensive refurbishment of the third floor, along with the construction of a new fourth and fifth floor.
A second redevelopment, on neighbouring Kingly Street, will add nearly 14,500 sq ft of office space, along with more than 5,000 sq ft of restaurant space on the lower floors. This will be achieved by combining and reconfiguring 2-4 Kingly Street and 3 Kingly Court, W1.
The Carnaby Street scheme will feature a living wall façade and both schemes will have roof terraces with green spaces.
Isabel Thomas, head of offices at Shaftesbury, said: “These developments are a great example of the Shaftesbury approach and vision for our villages, which is about retaining the aesthetics and vibrancy of the area, while continuing to invest and enhance our places and spaces.”
She added that Shaftesbury had no doubt that investing in office space was a sensible play. “Physical workplaces are and will continue to play an important role in London’s recovery,” she said.
“In this climate, office style and location is key to attracting talent. Working in the West End is as much about the local experience as the space, and workers are placing more value than ever on their surroundings. Our vibrant village environment, with its unrivaled mix of shops, restaurants and bars and connectivity, which is only set to increase with the scheduled Crossrail opening, gives us an important differentiating factor.”
5-7 Carnaby Street and 2-4 Kingly Street are scheduled to complete in 2023.
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